Sept. 2022, Vincy

Data Source: Footprint Analytics — goblintown.wtf e Collection Dashboard

The goblintown.wtf project, composed of ugly and absurdly shaped “goblins” characters, was launched on May 21, 2022 with free minting. Within a few days, users claimed all 9,999 and the collection’s floor price soared from 0.038 ETH on May 21 to a peak of 6.2 ETH on June 2, an increase of 162%.

About goblintown.wtf

The goblintown.wtf is a collection of 9,999 goblin PFP NFTs.

The project’s website, goblintown.wtf looks to be hand drawn, heavily features confusing gibberish, and has proudly states the project has no roadmap, no discord, and no utility.

If Azukis and Bored Apes are the industry’s zig, then goblintown.wtf was intended to be a zag. The project implements a copyright-free retention (CC0) policy. This means that no copyright is reserved for the entire NFT series, and users can choose to commercialize NFT in any way they want.

After a series of marketing operations including the that tied celebrity likes of Steve Aoki and Beeple to the project (though the two denied any relationship), the creators came out of anonymity and revealed themselves as Web3 studio Truth Labs. (Many suspected Yuga Labs was actually behind the project.)

Screenshot source — goblintown.wtf

Goblintown Price

At the beginning of June, the floor price of the series NFT reached ATH 6.2 ETH, which has increased 163 times compared to the initial casting floor price. However, after reducing marketing tactics, the floor price gradually dropped to 0.9 ETH, with an average price of 1.02 ETH.

Compared to blue chip projects such as BAYC and CryptoPunks, which are early releases, have well-known teams and a long-term growth path, goblintown NFT is extremely low priced.

*Footprint Analytics — *goblintown Daily Floor Price & Average Price

Over the past 30 days, most users have been buying goblintown NFT at almost 1 to 2 ETH, while after September 11, most users have been trading at 0.5 to 1 ETH as the floor price of goblintown has fallen.

*Footprint Analytics — *goblintown Bucketed Sales, Last 30 Days

Goblintown Trading Volume

At the beginning of June, sales of the Goblintown line of NFTs were in the top three of the NFT market charts. But it didn’t last long, as overall sales started high and dropped back to about $100,000 per day.

In addition, it is mainly traded on OpenSea’s trading market, with the other three trading markets accounting for a small percentage.

Footprint Analytics — Trading Volume by Marketplace

Footprint Analytics — sales Marketshare Per Marketplace

Summary

goblintown.wtf is an alternative project with a distinctive artistic style and brilliant marketing techniques.

However, the overnight success of the goblintown.wtf project also reflects the current state of the NFT market, which still has some vitality despite the current downward trend in overall NFT sales.

This piece is contributed by Footprint Analytics community.

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